Banking solutions firm Cashfree Payments is introducing a new verification tool as part of its know your customer (KYC) suite of authentication products, according to a press release on Monday (April 4).
Aadhaar Verification adds to the additional solutions in the company’s toolbox that offer authentication of bank accounts, including PAN, UPI and IFSC. Per the release, Aadhaar enables real-time user identity by matching the Aadhaar number entered with the Aadhaar database.
This KYC check is a fundamental component of most business sectors, including eCommerce for vendor and delivery onboarding. It’s also critical to the banking, financial services and insurance industries, the wider investment space and other commercial sectors.
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Matching the 12-digit unique Aadhaar number entered with the Aadhaar database is also important to help retailers directly validate their customers, moving away from the earlier method of one time password (OTP)-based Aadhaar verification.
Adding Aadhaar verification is a quicker, easier, “secure and cost-effective way” to verify identities, said Akash Sinha, CEO and co-founder of Cashfree Payments.
“Our verification suite is designed to make the customer KYC and related verification processes convenient for our partner businesses,” Sinha said. “Integration of Aadhaar verification will immensely benefit all the businesses which require a real-time process for their user verification needs.
“Cashfree Payments has been a torchbearer when it comes to providing customer-friendly and effective product solutions. We look forward to continuing our bid to provide greater value addition and support to all the stakeholders through our distinctive products.”
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The Cashfree Payments suite of products was designed to reduce the amount of time and effort involved with KYC checks. Making the procedure quicker and easier helps ensure that the critical issue of KYC is being taken care of, and Cashfree Payments has more than a 50% market share among payment processors in India.
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